Not a lot of top-tier reports this week, but it looks like the majors are stuck in pretty obvious ranges. Think you can take advantage of the patterns?
1-Hour Charts of the Majors
Purple Line: weekly open prices (WO)
Blue Line: weekly highs and lows (PWH, PWL)
Red Line: top and bottom weekly ATRs (tWATR, bWATR)
Blue MA: 100 SMA
Red MA: 200 SMA
1. Jackson Hole updates – There aren’t a lot of top-tier reports scheduled for release this week, so all eyes will likely be on the Jackson Hole meeting this coming weekend.
The most awaited part is Draghi’s guest appearances, where traders think he’ll hint at policy/bias changes that the ECB will officially make in two weeks. After all, Draghi did say that they’ll talk about heavier stuff “in the Autumn.”
2. Trump/North Korea updates – One of the biggest stories last week was the POTUS losing support of several players that could have aided his corporate tax and infrastructure projects. The week’s drama ended with the Donald saying “You’re fired!” to White House strategist Steve Bannon.
Meanwhile, traders are also keeping close tabs on updates from the Korean peninsula. The U.S. and South Korea just kicked off their 10-day joint military exercise, which could inspire another volley of provocative exchanges between Kim Jong-Un and the Potus. Keep your eyes glued to the tube for any signs of “fire and fury!”
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.